Barclays plans callable contingent coupon notes on index, ETF

By Sarah Lizee

Olympia, Wash., Jan. 14 – Barclays Bank plc plans to price callable contingent coupon notes due Jan. 27, 2023 linked to the least performing of the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent semiannual coupon at an annualized rate of 12.5% if each underlying asset closes at or above its coupon barrier level, 65% of its initial price, on the observation date for that period.

The notes will be callable at par plus any coupon due on any monthly contingent coupon payment date after six months other than the final one.

If each asset finishes at or above its barrier level, 65% of its initial level, the payout at maturity will be par.

Otherwise, investors will be fully exposed to the decline of the least-performing asset.

Barclays is the agent.

The notes will price on Jan. 24.

The Cusip number is 06747NZA5.

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